Paytm is focused on both recovering and growing its customer base after RBI’s regulatory shock in January, founder and CEO Vijay Shekhar Sharma said.
The apex bank restricted Paytm Payments Bank from accepting deposits or undertaking credit transactions in any customer accounts, including prepaid instruments and wallets.
The impact was a sharp drop in monthly transacting users (MTU) to 7.7 crores in May from 10.4 crores in January, stabilising at 7.8 crores in June. The company, however, has seen incremental growth on the merchants side to 109 lakhs for the quarter ended June 2024 from 79 lakhs a year ago.
GMV (gross merchandise value) declined to ₹4.26 lakh crore for the quarter ended June 2024 from ₹4.69 lakh crore in the March quarter, which can be attributed to lower MTUs with more than half of the dip in consumer GMV due to suspended wallet operations.
“We believe payment is our primary business and our attention has been on growing the merchant side. But we have lost our customer base and going forward we would like to invest there,” Sharma said on the sidelines of a session organised on Saturday evening by the Calcutta chapter of Young Indians, the youth wing of the CII.